Unlocking the Commercialisation Process for Academic Ideas and Their Global Market Impact

Commercialising the research achievements of universities is a complex and complementary activity in the transformation chain from idea to technology, leading to wealth creation, entrepreneurship, and financial independence for universities.

Numerous studies have delved into the influence of collaboration across various phases on innovative ideas, showcasing its significant impact on the quality of commercialisation.

Benjamin Weber and Sven Heidenreich, “When and with Whom to Cooperate? Investigating Effects of Cooperation Stage and Type on Innovation Capabilities and Success,” Long Range Planning 51, no. 2 (April 1, 2018): 334–50, https://doi.org/10.1016/j.lrp.2017.07.003; Maarten Cuijpers, Hannes Guenter, and Katrin Hussinger, “Costs and Benefits of Inter-Departmental Innovation Collaboration,” Research Policy 40, no. 4 (May 1, 2011): 565–75, https://doi.org/10.1016/j.respol.2010.12.004; Mark A. A. M. Leenders and Berend Wierenga, “The Effect of the Marketing–R&D Interface on New Product Performance: The Critical Role of Resources and Scope,” International Journal of Research in Marketing 25, no. 1 (March 1, 2008): 56–68, https://doi.org/10.1016/j.ijresmar.2007.09.006.

The industry-academia mismatch is a well-known issue. Researchers or universities often call on industry and the public for help in data collection but rarely feed results in a form that the public and industry can understand. There are recognised differences between academic institutions and industry research. Table 1 gives an overview of the differences in characteristics between academic and industry research.

The relationship between academia and industry presents several notable challenges. First, there is often a disconnect between the research needs of universities and those of the industry, resulting in a need for more alignment between academia’s efforts and industry demands. This disconnect is exacerbated by the absence of direct access and efficient communication channels for academia and industry to engage in productive discussions about research and potential solutions. Furthermore, a secure, accessible database containing the industry’s research requirements hinders academia’s ability to provide market-oriented research solutions. This divide is particularly striking in light of Forbes’s report that suggests approximately 95 percent of patented ideas ultimately need to transition into successful commercialisation efforts.

Daniel Fisher, “The Real Patent Crisis Is Stifling Innovation,” Forbes, June 18, 2014, sec. Investing, https://www.forbes.com/sitesdanielfisher/2014/06/18/13633/?sh=657da1936f1c.

In a separate study emphasising the significance of effective education, it was assessed that researchers need to channel their creative abilities to devise inventive and unexplored solutions that prove feasible and exhibit remarkable novelty, thereby holding the potential for patent acquisition.

Farzad Pour Rahimian, Tomasz Arciszewski, and Jack Steven Goulding, “Successful Education for AEC Professionals: Case Study of Applying Immersive Game-like Virtual Reality Interfaces,” Visualization in Engineering 2, no. 1 (May 19, 2014): 4, https://doi.org/10.1186/2213-7459-2-4.

Traditionally, universities have been recognised as catalysts for innovation, and their knowledge creation and dissemination approaches have significantly influenced the overall economy. There has been a notable shift in recent years as universities actively embark on entrepreneurial initiatives, seeking to transform their innovations into patented, marketable products. This shift directly involves the commercialisation process through their Technology Transfer Offices (TTO).

Grazia Sveva Ascione et al., “University Patent Litigation in the United States: Do We Have a Problem?,” Research Policy 53, no. 2 (March 1, 2024): 104909, https://doi.org/10.1016/j.respol.2023.104909.

Certain researchers concentrate on a particular domain for commercialisation. For example, Nasedkina’s investigation

T.I. Nasedkina et al., “The Role of Commercialization of High Technologies in Scientific and Production Cooperation,” BIO Web of Conferences 82 (January 3, 2024), https://doi.org/10.1051/bioconf/20248205005.

The examination of technological innovation about commercialisation has been explored across various dimensions, including competitive advantages, the commercialisation process, and the potential for innovation entrepreneurship.

Rishi Kant Kumar et al., “Role of Technological Innovation and Its Governance in Entrepreneurial Evolution,” Https://Services.Igi-Global.Com/Resolvedoi/Resolve.Aspx?Doi=10.4018/IJEGR.335069, January 1, 1AD, https://www.igi-global.com/article/role-of-technological-innovation-and-its-governance-in-entrepreneurial-evolution/335069; Lisa Song, Anthony Di Benedetto, and Michael Song, “Competitive Advantages in the First Product of New Ventures,” Engineering Management, IEEE Transactions On 57 (March 1, 2010): 88–102, https://doi.org/10.1109/TEM.2009.2013836; Poh Kam Wong, Yuen Ping Ho, and Erkko Autio, “Entrepreneurship, Innovation and Economic Growth: Evidence from GEM Data,” Small Business Economics 24, no. 3 (April 1, 2005): 335–50, https://doi.org/10.1007/s11187-005-2000-1.

To conclude our review of existing research, we are embarking on this practical study to explore the most effective commercialisation process and offer innovative solutions. The results presented in this manuscript can be leveraged to enhance the quality of commercialisation in the market. Furthermore, it will demonstrate how these solutions can influence the global market landscape.

There are diverse perspectives on technology transfer. Upon completing their education, some argue that graduates drive the transfer of fresh ideas into industry by joining companies. Conversely, there are additional dimensions to technology transfer where universities play an important role. As Sheft

Judith Sheft, “Technology Transfer and Idea Commercialization,” Nature Biotechnology 26, no. 6 (June 2008): 711–12, https://doi.org/10.1038/nbt0608-711.

Figure 1 outlines the technology transfer process from knowledge institutes. This process involves six distinct steps to prepare ideas for commercialisation: Research, Disclosure, Evaluation, Protection, Marketing, Licensing, and ultimately, Commercialisation.

Figure 1.

The initial step in the technology transfer process is research. This research can be conducted on an individual basis or within an organisation. Here, we will focus on organisational research within knowledge institutes and companies’ R&D departments. During the research phase, some consider the feasibility of the idea in the market. This assessment is mostly done in R&D departments and existing companies to improve their products.

Saeed Baghdadi, Abbas Khamseh, and Seyed Hesamedin Madani, “An Independent Technology Commercialization Model in Oil and Gas Industry: A Grounded Theory Approach,” Journal of Science and Technology Policy Management ahead-of-print, no. ahead-of-print (January 1, 2023), https://doi.org/10.1108/JSTPM-07-2022-0109.

In the subsequent stage, inventors should familiarise themselves with the invention process before bringing their ideas to the market. Typically, this responsibility is managed by Technology Transfer (TT) offices within universities, involving the submission of disclosure forms and adherence to specific procedures.

The technology undergoes evaluation in collaboration with the inventor(s). This evaluation includes essential patent searches and market research to validate the potential for commercialisation of the invention. The outcome of this evaluation process then shapes the strategic decision of either pursuing a licensing arrangement with an established company or assisting the inventor(s) in establishing a new startup business.

The university will decide whether to seek patent protection for the invention after the evaluation. It is important to note that not all invention disclosures are pursued for patent protection due to the considerable associated filing costs.

Universities can now leverage their extensive networks to market the idea and identify suitable partners for introducing the patented invention. Ultimately, this process can either give rise to the formation of a new startup through university spin-out initiatives or involve the sale of ideas to established companies.

During this research, we administered a survey to gather insights from academic and industry practitioners in high tech concerning the viability and benefits of collaboration between these two groups. As depicted in Table 2, our surveys engaged over 100 participants from both categories, intending to evaluate the interplay between the industry and academia through a series of related questions.

Based on the research findings, the following points can be captured as a summary of the view of the participants:

- Supportive views on collaborating from academia and industry with academia, and vice versa. The people in academia also have supportive views on collaborating with the industry. See Market Research Question 1.

As discussed earlier, bringing ideas to the market is crucial for universities and companies. Universities do this to make money, improve their research, and work more closely with industries for practical research. On the other hand, companies are interested in working with knowledge institutes to find scientific solutions, either by collaborating with individual experts or partnering with these institutes.

According to data from the global higher education database,

“World Higher Education Database (WHED),” WHED, accessed October 24, 2023, https://www.whed.net/home.php.

Building upon the survey findings and in-depth research, the authors present a solution to enhance the quality of research projects. This solution aims to support researchers with innovative ideas, enabling them to participate actively in the global market and contribute to the overall economy. The authors have introduced an innovative online platform called “SCIONS,” which serves as a bridge between the realms of industry and academia. SCIONS is a pioneering system designed to facilitate the successful commercialisation of ideas. This cutting-edge platform harnesses advanced communication tools and intelligent algorithms to connect idea owners with specific networks, including investors, companies, and market opportunities. At SCIONS, we place the utmost importance on privacy, ensuring that all interactions within the platform are conducted securely and confidentially. Figure 2 indicates the general algorithms.

Figure 2.

The primary goal of SCIONS is to narrow the divide between idea owners and potential stakeholders, offering a streamlined and efficient process for transforming ideas into tangible realities. By utilising this platform, idea owners gain access to a wealth of resources and opportunities that can accelerate the development of their concepts. Similarly, companies can tap into knowledge institutes’ expertise to find solutions more swiftly and effectively.

The platform allows academia (universities and individual scholars) to securely share new research ideas (patented/non-patented) and findings with SMEs and investors. Moreover, academics can reach out directly to SMEs to offer research solutions for their challenges.

The platform allows the industry (engineers of SMEs and investors) to save time and money by reaching out directly to researchers and scientists to solve their research needs. Investors can also find potential ideas to collaborate and for investment purposes.

Utilising cutting-edge big data and innovative smart algorithms, this platform aims to seamlessly connect idea owners with the most suitable networks based on the following key factors:

Type of Idea: The sophisticated algorithms consider each idea’s nature and scope, ensuring it finds its perfect match within relevant networks that align with its unique characteristics.

This platform’s commitment to leveraging big data and smart algorithms ensures that idea owners are empowered with targeted and personalised connections, propelling their innovations toward fruition within an ecosystem that fosters growth and collaboration.

The added value of the platform is significant and covers multiple areas. In short, it can be characterised by the following goals:

Empower Collaboration: Ease of communication by reducing friction and transaction costs and time to connect.

For many organisations, innovation is challenging to understand and execute. There remains a clear discrepancy between how companies and startups approach it. As a result, companies are looking to entrepreneurs to identify disruptive ideas and opportunities for their business and to unlock innovation through the blood, sweat, and tears of entrepreneurship.

The authors’ solution is an innovative platform that can introduce new ideas to companies and stabilise them in a competitive world.

According to survey feedback as well as interviews with potential engineers and managers, the benefits that could be offered to SMEs are:

To find experts and researchers in a specific field to solve their industry problem in a faster manner and at a more reasonable price

Effective collaboration between academia and industry can boost our economy and change the destiny of our nation while ensuring growth. When institutions of higher education and industry come together in a symbiotic working relationship, both parties will find common ground and meet each other’s needs, creating a substantive and sustainable win-win situation.

Every year, large sums of university money are spent patenting ideas. Unfortunately, over 95 percent of these patented projects are not successfully commercialised. According to Forrester Research, “US firms annually waste $1 trillion in underused intellectual property assets by failing to extract the total value of that property through partnerships.”

Fisher, “The Real Patent Crisis Is Stifling Innovation.”

Through the proposed online platform, TTO offices can help their recent patented ideas find all required items for commercialisation. Inventors can communicate with investors and SMEs to find collaboration opportunities. Moreover, according to our interviews, universities would like to introduce their lab facilities and expertise areas to commercial partners so they can forge a sustainable connection.

One of the main factors of the success of any firm is suitable investment in the right stage. Startups will always face challenges selling their ideas to investors. Also, trusting new ideas is always challenging for potential investors. Through this platform, both parties can introduce their requirements and find the best point of collaboration.

According to the interviews performed, finding a trustworthy founder in a safe atmosphere is always desired by investors. The SCIONS platform will allow idea owners and investors to find their desires and communicate securely. Moreover, all ideas in the platform are categorised and easily accessible by the investors. All users are screened, filtering out fraudulent accounts. Therefore, investors can be assured trustworthy opportunities.

The field studies conducted by the authors of this article demonstrate that various ideas face constraints when entering the market.

For instance, ideas in information technology face various constraints during the patent registration stage, hindering the protection of the concept. These limitations are sometimes perceived positively as they equalise competition and growth. However, in developing ideas, local competitors or IT giants can sometimes exploit these new ideas to their advantage. This is, in fact, the most significant constraint for idea owners, especially academics and young individuals. There is a need for more consultations and field studies with idea owners and academics to overcome such constraints, but the presence of comprehensive policies in this area can sometimes be a step forward.

This paper extensively explores the intricate relationship between academia and industry, focusing on knowledge transfer and the commercialisation of research achievements. It emphasises how this collaboration is vital for universities’ financial independence and economic growth. The paper highlights the significant impact of collaboration throughout various stages of innovation and commercialisation, stressing the importance of effective communication and shared goals. It also recognises the challenges posed by the contrasting nature of academic and industrial research.

The authors introduce the innovative SCIONS platform to bridge the gap between academia and industry. This revolutionary online solution leverages advanced communication tools and smart algorithms to connect idea owners with the right networks, facilitating efficient collaboration and streamlining commercialisation. SCIONS offers hope for job creation, reduced unemployment, and accelerated economic growth. Furthermore, by leveraging artificial intelligence, this platform can actively engage in significant research proposals for technology forecasting. The outcomes of such participation can enhance research quality and improve the potential for translating research into practical projects with a view toward commercialisation, thereby impacting research endeavours positively.

The paper thoroughly examines the technology transfer process, research intricacies, evaluation, and protection. It outlines the steps to successfully transition ideas from academia to the global market. By promoting collaboration, universities and knowledge institutes can optimise their networks and bring inventive solutions to the forefront of the commercial landscape.

Extensive data collection through surveys and market research makes a strong case for a platform like SCIONS. Both academia and industry professionals express a desire to collaborate, hindered by inadequate communication channels. This platform is a promising solution to bridge this divide, fostering secure and productive collaboration.

In conclusion, this paper represents a significant stride toward harmonious collaboration between academia and industry. By addressing challenges, proposing innovative solutions, and underscoring the economic importance of this collaboration, the authors aim to enhance the quality of commercialisation and positively impact the global market. In the ever-evolving realm of knowledge transfer and innovation, SCIONS promises a brighter future where academia and industry seamlessly collaborate, driving innovation, spurring economic growth, and creating a true win-win scenario.